The fair trade movement:
A. attempts to inform and influence consumers' choices.
B. is designed to stop unfair trade practices.
C. is a set of laws around production processes in other nations.
D. a big hindrance to international trade.
Answer: A
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. Which of the following best represents Alice's inverse residual demand function?
A. P(QA) = (100 - 0.005QA) - 0.005QK B. P(QA) = (100 - 0.005QK) - 0.005QA C. P(QA) = (200 - 0.005QA) - 0.005QK D. P(QA) = (200 - 0.005QA) - 0.005QA
Total expenditures as discussed by Gordon are
A) C + I + G + M. B) C + S + T + X. C) C + I + S + X. D) C + I + G + X - M.
Supplier power tends to be higher when
a. Suppliers are concentrated b. There are high costs to switching between suppliers c. Both A&B d. None of the above
Which of the following statements is true of the tax on gasoline?
a. The cost of collecting a gasoline tax outweighs the revenues raised by the tax. b. It is preferred to tolls as the best solution to road congestion. c. It discourages driving on noncongested roads, even though there is no congestion externality for these roads. d. Both b and c are correct.